Ancelotti's men did enough in the second leg of their tie with the La Liga outfit, earning a 1-1 draw at the Parc des Princes. Ezequiel Lavezzi netted the equaliser for the home side after Jonas gave Valencia a sniff of hope on 55 minutes.

However, the 53-year-old, who won the Champions League twice with AC Milan, believes PSG must improve if they are to claim this season's crown.

"It's very difficult for us to win [the UEFA Champions League], but it's our aim to do our best," he told Sky Sports. "At the start, everyone said the team didn't know what they were going to do, but we won the group, won the last 16, and we hope to do well in the quarter-final.

"It was very hard, a very difficult game. They [Valencia] played really well. We were not at our best in the first half.

"After we conceded the goal, we did better. It's a very important result for the club, to reach the quarter-finals after 18 years is very important. The goal we conceded woke us up. We were controlled too much in the first half."

Midfielder Blaise Matuidi was more optimistic about PSG's chances, insisting the club can be proud of leading Ligue 1 while remaining in contention for the Champions League and Coupe de France.

"It's great but it's true that we fought like dogs for that. We have done something great and now anything can happen," he explained.

"We have done something great, and now anything can happen. We are still in three competitions (the Champions League, Ligue 1 and Coupe de France), which many people tend to forget. We showed we're in the mix. We will fight until the end."

Meanwhile, Valencia's Ernesto Valverde expressed pride in his team-mates' showing after they bowed out of the competition 3-2 on aggregate.

"The locker room is sad now, but we are aware we played well and leave with our heads held high. We did not play as we usually do but we mastered the attacks of PSG.

"In the first half we stopped their counterattacks [and] we contained them. In the second half we had to go all-out attack and then they had their chances," said Valverde.